In China, pandemic restrictions continue to be imposed to some extent. It is the first time ever in its history that the e-commerce giant did not flourish. Last quarter, the tech giant’s turnover was almost the same as a year ago: 205 billion yuan, or just below 30 billion euros. The Chinese economy faced many challenges, including supply chain disruptions and factories shutting down. Sales of non-food items on its Taobao and Tmall websites went down by 10%. On the contrary, it went up by more than 200% in the last quarter. Alibaba’s physical chain, Freshippo, boomed as 68% of its sales were already made online. Therefore, to reap profits, Alibaba would focus more on delivering food and daily groceries.
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